The Chancellor of the Exchequer Rishi Sunak announced a new scheme for small businesses, Bounce Back Loans, amid criticism that UK lenders have been slow to get cash to struggling businesses under the government’s Coronavirus Business Interruption Loan Scheme.

In a statement on 27 April, the Chancellor said that the scheme will be 100% backed by the government, as opposed to 80% in other schemes proposed thus far, in a fresh sign that the government is digging deeper into its fiscal toolbox.